SaaS startup Chargebee joins unicorn club at a valuation of $1.4 billion

• Investors, including Sapphire Ventures, Tiger Global, and Insight Venture Partners, participated in the funding round.
• Chargebee will infuse the raised funding in its global expansion plans.
• Prior to this, The startup had raised $55 million in its Series F funding round.

Chennai and San Francisco-based software as a service (SaaS) startup Chargebee today announced, it has raised $125 million (about Rs 941 crore) in a Series G funding round led by a US-based VC firm Sapphire Ventures.

The round also saw participation from existing investors --- Tiger Global, Steadview Capital, and Insight Venture Partners. Chargebee intends to infuse the raised capital in its global expansion plans and further add to its partnership network, the statement said.

With this latest fundraise, Chargebee is now valued at $1.4 billion, making it the 11th Indian startup to attain unicorn status in 2021 after CRED, Meesho, GupShup, Pharmeasy, Sharechat, Groww, among others.

Earlier in October 2020, Chargebee had raised $55 million in a Series F funding round led by Insight Venture, Steadview Capital, and Tiger Global Management. To date, It has raised over $218 million in its funding rounds. Accel (formerly Accel Partners) is also an investor in the startup.

Founded in 2011 by Rajaraman Santhanam, Thiyagarajan Thiyagu, Saravanan KP, Krish Subramaniam, Chargebee develops a management tool that helps subscription-based SaaS & ecommerce businesses to automate billing, subscriptions, invoicing, and payments. It integrates with leading payment gateways like Stripe, Braintree, PayPal, etc.

The startup also enables enterprises to expand into new markets, geographies, and recurring business models to sustain business growth. It counts Freshworks, Freedom, Livestorm, Slidebean, Deliverr, Zenchef, Proxyclick, BigGym, among others as customers.

Commenting on the development, Krish Subramanian, Co-founder & CEO, Chargebee, said, “Chargebee is committed to spearheading this movement towards a subscription-first world by helping our customers realize rapid value, and being an integral partner in their long-term growth journey."

“Businesses today need to quickly respond to evolving customer needs, compliance requirements, and market pressures in real-time. More than ever before, businesses need their subscription revenue platform to be the reliable system of record that enables them to rapidly scale their revenue processes," he added.

Speaking on the investment, Rajeev Dham from Sapphire Ventures, said, "We are thrilled to partner with Krish, Raman, and the entire Chargebee team as we believe they have built a leading product in the subscription billing and revenue management space."

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